SOURCE: O2 Secure Wireless, Inc.

November 19, 2010 09:45 ET

O2 Secure Wireless, Inc. Announces Advancement in Stock Repurchase Program

Earthcom Reports Progress in Acquisition Negotiations Currently Underway With the Dominican Republic Bank

ST. AUGUSTINE, FL--(Marketwire - November 19, 2010) - O2 Secure Wireless, Inc. (PINKSHEETS: OTOW) announces that the Company continues to accumulate stock purchased in the open market. The Company recently announced that its Board of Directors authorized a stock repurchase program under which up to fifty million shares of its outstanding common stock may be acquired in the open market at the discretion of management. O2 Secure Wireless will release an update when the Company reaches its first quantitative milestone, and a significant number of shares have been retired to the treasury.

This stock repurchase program is partially in response to what appears to be a significant and concerted effort to suppress the price per share of the Company's common stock through short and/or naked short sales by third parties. Furthermore, the Company believes that despite progress in liquidity, visibility and price per share in the past quarter, the current share price is still believed to be significantly undervalued.

Simultaneously, Earthcom Service Inc., is negotiating the final details involved with the agreement to acquire a 50% equity interest in the Dominican Republic Financial Institution, and is now scheduled to close by the end of the quarter.

This agreement is exceptionally advantageous for the company, since it will not only provide an additional source of revenue, but will also provide the company's customers with a convenient method for payment of communications services. The opportunity will primarily allow the company to simplify the payment process for its wireless, cellular, cable, residential phone and internet service clients by using a prepaid MasterCard/Debit Card product for customer payments, while simultaneously providing a new bank branch location wherever a Earthcom retail storefront is created, whereas the bank's credit card merchant processing system will utilize Earthcom's wireless infrastructure for processing transactions.

About O2 Secure Wireless: O2 Secure Wireless is a Company that is currently developing numerous wireless tower facilities in the U.S. The Company is also instrumental in the development of wireless broadband communication services domestically. Under a recent merger with Earthcom Service Inc., the Company is currently being structured to provide affordable flat rate pre-paid wireless services in developing countries internationally.

Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.

Contact Information

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    Investor Relations:
    Gibraltan Financial
    (407) 830-9777